More than 140 Characters

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My apologies for not posting more.

Looking for a job is currently sucking the creative energy from my soul…this is truly the most demeaning form of lifestyle for a 33 year old with two degrees and a wife and kid to feed. Thus I have been reduced to constructing “thoughts” of the variety of 140 characters or less via Twitter, so you can follow me if you are so inclined.

As for the stock exchange, I knocked the shit out of the option positions I put on last week.  If you recall, I had bought call options in $EEM, $XLB, and $XOM…all purchased with confidence combining The PPT algorithms with my own “feel”.  You can reference this post for my initial round of sales in these positions last Friday.

An update:

I closed my $XOM August 85 calls yesterday right before the close @ 2.05 (from 1.17).  Average sale = 1.96, aka +67.5%.

Earlier in the week, I took away another 1/3 of the $XLB July 35 calls @ 0.27 (from 0.19) and closed the remaining 1/3 of that position today at 0.49.  Average sale = 0.32…that’s a 68% profit.

I also closed my $EEM July 38 calls this morning at 1.05 (from 0.82).  My average sale was @ 0.90, so I eeked out a slight gain there.

I get nervous with option positions that are barely ITM and expire in a short amount of time, so I got the hell out even though there was likely still some money left on the table.

I decided to hop back on the $THLD train late Tuesday afternoon, purchasing a large chunk of shares at 7.69.  Contrary to my bullshit comment on Twitter yesterday morning, the current round of buying has proven to be incorrect thus far, but I’m going to give it a little more room to breathe as I’m sitting on a large realized gain from this trade over time.

In general, my cash position is up to around 35%, thus I’m content to sit and watch.

Monday night I was talking about how I thought $TLT has topped out in the short term and was looking for a pullback into the 127-128 area…well, well, well…look where we are.  I will be watching that ETF for signs of a reversal and will look to buy some put positions in index ETF’s in the coming days to try and scrape some dollars from a range-bound pullback.

My best to you all.

-EM

6 Responses to “More than 140 Characters”

  1. Sur Platonic Platueu Du Tecnocrats, B.R.A., D.J.D.

    Solid post.

    Sorry to hear about life stresses.

    Welcome to the “new America.”

    • Thanks for reading.

      Eh, it’s part of life…have to be resilient and creative…eventually something will break.

  2. I like the Index puts idea. I’m gonna look at that myself.

    • I’d like to see one more thrust higher met by some selling.

      Scott’s call for DOW 13k looks like it is destined to happen tomorrow. I started watching the $DIA July 130 calls after he mentioned that on Monday. They were all the way down to 2 cents on Tuesday…I should have followed my gut and dove in as they were up to 0.15 at one point today.

      I’m a little leery about jumping in too soon with the puts, but I think the move is going to be furious. Thus if I wait too long my risk/reward gets shot to shit. I’ll post my thoughts to Twitter if I start to see something I like.

  3. Like your post and your attitude. I don’t wish you luck, I demand it happen for you.

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